Careful what you say, or you may end up without any banking facilities.

Thousands of British expats resident in EU countries like France and Spain have had their banks accounts closed. Customers of Barclays Bank living in France are among the latest to receive notification their accounts must be shutdown because of red rape linked to Brexit.

Although the UK departure from the EU has not officially been blamed for the banking bombshell, there is no doubt that the move has influenced the decision. Financial institutions in the UK previously used the EU’s passporting system to help provide services to expat clients who retained their UK accounts, but this is no longer possible.

'Passporting' enables UK banks to provide services to customers in other states in the European Economic Area (EEA) – the European Union plus Iceland, Liechtenstein and Norway – without having to get direct authorisation in those states. However, UK banks now need to have separate authorisation in every EEA country where it operates.

Some banks, including Barclays, have decided to simply close customer accounts in countries rather than obtaining approval to continue running expat accounts. Others, like Santander, won’t close existing accounts but refuse to allow new accounts to be started., it has been reported. Lloyds Bank and Halifax continue to provide services to personal customers based in most EU countries, including Spain and France, but haven’t accepted applications for new accounts from those living outside the UK for several years, pre-dating Brexit

Thousands of EU-based accounts have already been closed by the UK banks, with more expats receiving notification they should make alternative arrangements. Around 1.4 million British citizens currently reside in EU nations. Expats usually operate a UK bank account to receive pension payments, salaries and other income sources.

British expats often choose to keep a UK account open if they receive a pension, salary or other income, such as rental payments for a UK home, in pounds, as many non-UK accounts have fees or poor exchange rates for converting pounds into local currency.

Just returned home to find the boss of Coutts has also resigned. Brilliant, cue more gnashing of teeth

Fleurpepper

From Jason J Hunter:

Have I got this timeline right?

Chap called Marshall Wace (you've probably not heard of him but he's rather rich, owns GB News and is Nigel Farages boss)...
Marshalls hedge fund shorts his investments in NatWest bank a few months ago around the same time that Nigel Farage gets a letter from Coutts (owned by NatWest)... shorting is where he bets on NatWest stock crashing.

An appropriate amount of time later, Nigel Farage goes loopy all over social media claiming he's been kicked out of NatWest bank (a lie because NatWest offered him a bank account) because the public image he has created for himself is that he's a racist...

Then he witch-hunts to get the CEO sacked (she was wrong talking to the BBC)...

NatWest share price crashes.

Marshall (Farages boss at GB News) makes millions of quid.

I can't help wondering if Farage was in for a cut of the profits.

Well I'm taking your word as gospel, so if your right ok.

But, you take a few loopy leaps yourself to make the story fit your agenda!

And so far as I'm concerned makes no difference to the fact
that this is about the banks behaviour towards many other people.

Look this has been happening to people for 10 years that I know about. It has only mushroomed now because of a high profile politician being affected and making a stand.

As I've said before, it isn't necessarily about NF, it is about the banks and other institutions deciding they can do as they like!

Why get upset about NF?
Just look at it as if some people (who no doubt you or I didn't know about, or try to help before) are now able to try to get redress.
How would they be able to otherwise?

tickingbird

Just returned home to find the boss of Coutts has also resigned. Brilliant, cue more gnashing of teeth

Yes tickingbird it's come quite a long way for a non story

I think Howard Davies should go, then that is enough. Not the whole Board, because someone is going to have to deal with the flood of complaints of unfair closure of bank accounts.
Alison Rose should go and work as a mortgage advisor in Bootle or Bury and see what it is really like trying to pay a mortgage on a low wage and cope with interest rises, rather than fretting about gay pride and female entrepreneurship.

Fleurpepper Ahhh I get it now. Your last post included the word Brexit, and there in lies the rub.

Read up on the Post Office debacle. I think that will shine a light on how and why we are in this mess.

It isn't the full answer, but illuminates some of the difficulties we now face.

It's not just about politics. MoneyMail had an article today about two pensioners that had their banking facilities withdrawn, with HSBC, with no reason given. They had no political views. It took their daughter 7 months to try and get them a basic bank account.

www.thisismoney.co.uk/money/saving/article-12340459/CRANE-CASE-vulnerable-laws-got-debanked-HSBC.html

It's not all about politics.

There’s a dawning recognition of why this is so important to the Tory Party, and there is something in what Fleupepper says.
www.theguardian.com/commentisfree/2023/jul/26/the-guardian-view-on-nigel-farage-and-coutts-this-row-is-more-about-the-politics-of-brexit-than-banking
I wonder if it’s a different set of teeth gnashing than your assumption tickingbird. I must admit I hadn’t appreciated the Tory vote splitting potential of Farage was still of concern to the government, and the article is only an opinion, but it bears thinking about.

eazybee

I think Howard Davies should go, then that is enough. Not the whole Board, because someone is going to have to deal with the flood of complaints of unfair closure of bank accounts.
Alison Rose should go and work as a mortgage advisor in Bootle or Bury and see what it is really like trying to pay a mortgage on a low wage and cope with interest rises, rather than fretting about gay pride and female entrepreneurship.

I don't think she'll be doing that. She's due a multi million pound pay off, according to various sources.

www.dailymail.co.uk/news/article-12342437/Dame-Alison-Rose-multi-million-pound-payout-quitting-NatWest-false-leak-Nigel-Farages-banking-finance-firm-sees-shares-plunge-800m.html (Non paywall but on other sources)

Don't you think the way the Banks run their business would be important to any Government Casdon?
Irrespective of colour?

It would be a mistake imv, to narrow down the objective of this campaign to tit for tat politics.

As I have pointed out, this current problem has been on going for, as I have said ad nauseam at least 10 years.

No one was interested in rectifying it, simply because it was embarrassing for them.

Along comes marmite NF, and throws his had into the ring.

The Gdian article was poorly written and had lots of holes in it I thought.

no one was interested in rectifying it, simply because it was too embarrassing for them

replace no one with no politician etc.

Normal people have been trying to get some redress for ever.
Most weren't even given the right to a reply from the Ombudsman or the Banks.

I find it really amusing the way some are twisting themselves into knots in their attempts to justify the treatment of NF. It’s victim blaming and illustrates just how illiberal some really are. It’s prejudice pure and simple. People are entitled to loathe NF if they wish but to keep coming out with these slurs just to justify his poor treatment by the banks is, frankly, pretty shabby.

Who would have thought that NF could join together the left and right. Because he has done. People of all hues are shocked at Coutts/NW's behaviour.

Most people who aren't quite so politically involved as many grans on here are shocked that people's banks can just throw you out if they don't like the cut of your jib.

So many normal people now have a voice. Maybe this wasn't NF's intention but it's happening. And it's actually a good thing.

People's loathing toward NF Is their business. But there's little point in spouting about Brexit and his politics. It's moved beyond that now.

But do carry on regardless. .

I did point out that it was an opinion piece Namsnanny, but it did raise several points that I thought were important. I’m not suggesting it would have been ignored by a different government, nor should it be. However there is more at stake for a Tory government than there is for any other because nobody would vote either Farage (or a party endorsed by him) or Labour/Lib Dem now because the raison d’etre is completely different, whereas the Tories are still walking on eggshells with Farage. I also think the point about a left wing figure raising the issue with a Tory government in charge of the country being treated differently to Farage is true. The ‘little people’ matter far less than we think they should too in my opinion.

The owner of GB News reportedly made £5 million from the NatWest scandal by betting that the bank's stock would go down in value.

You may recall that Farage was accused of shorting sterling at the time of the referendum. He has since denied this but certainly hedge funds and others made a very large amount of money.

If GB News was regulated as a news channel by Ofcom and not a talk show, the owners wold have been forced to declare an interest in their reporting of this issue.

I posted this on the other thread but it is relevant on here:

The bank charges scandal:

The banks were found to be in the wrong by the Ombudman in thousands of cases. Because of their sharp practices thousands of customers went into debt, which spiralled downwards with even more charges with no hope of repaying.
The Ombudsman found for the customers and the banks were forced to pay back illegal charges.

They then shut customers' bank accounts even though the banks were found to be in the wrong.

Banks have befn closing accounts, with no reasons given, for ages. Not about politics.

No one, government or media, chose to involve themselves before this.

NF is worth no more or less than any other customer.

I'm all for changing rules, so that banks can't just close accounts without explanation.

The right wing media are cheering at NW share prices falling, but as we (as taxpayers) own 39% of it, and as so many of our pension schemes have money invested in NW, I can't find much to cheer about.😚

Well, it's not before time then!

There was plenty of media interest over illegal bank charges.

Callistemon21

I posted this on the other thread but it is relevant on here:

The bank charges scandal:

The banks were found to be in the wrong by the Ombudman in thousands of cases. Because of their sharp practices thousands of customers went into debt, which spiralled downwards with even more charges with no hope of repaying.
The Ombudsman found for the customers and the banks were forced to pay back illegal charges.

They then shut customers' bank accounts even though the banks were found to be in the wrong.

Well said Callistemon

Casdon

I did point out that it was an opinion piece Namsnanny, but it did raise several points that I thought were important. I’m not suggesting it would have been ignored by a different government, nor should it be. However there is more at stake for a Tory government than there is for any other because nobody would vote either Farage (or a party endorsed by him) or Labour/Lib Dem now because the raison d’etre is completely different, whereas the Tories are still walking on eggshells with Farage. I also think the point about a left wing figure raising the issue with a Tory government in charge of the country being treated differently to Farage is true. The ‘little people’ matter far less than we think they should too in my opinion.

Yes you did say it was an opinion piece Casdon so fair enough.
I still thought it should have a little more meat (facts) on the bone.

I really can't get excited about party politicking Casdon over this subject.

I just see people being badly treated and now there may be the ability to do something about it.

There is more to tell of significance and importance imv, and I hope the interest in the Banks and their behaviour will allow it to be revealed.

I think there is a lot of party politics behind why more hasn’t been done sooner to tackle the issues, and why it’s taken Farage to raise the profile, but I agree with your final sentence Namsnanny, there’s definitely more to come. I too look forward to all ultimately being revealed.

Isn't it extraordinary that Nigel Farage, who has failed seven times to be elected as an MP, has such huge influence ?

I see it differently varian. The effect of the banks on people and their inability to get any redress from the Banks or the Ombudsman. Has built a large section of people who have found someone to represent them.

You see seven failures, I see seven times a man got up and tried again.

Could you say the same about your life? I know I couldn't.

Frankly the Banks have brought this on themselves. It isn't just NatWest

Casdon

I think there is a lot of party politics behind why more hasn’t been done sooner to tackle the issues, and why it’s taken Farage to raise the profile, but I agree with your final sentence Namsnanny, there’s definitely more to come. I too look forward to all ultimately being revealed.

I don't agree Casdon I don't think pp has anything to do with this at all.

But, I'm open to persuasion by you or anyone, if any decent facts came to light.

For what it's worth (and I don't think it's worth that much ) I think pp is a way the elites use to make us feel as if we have some control over our existence.

I bought out of the left right middle argument years ago.